PUBLISHER: The Business Research Company | PRODUCT CODE: 1465934
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465934
Video surveillance involves the utilization of closed-circuit television (CCTV) cameras or comparable video recording devices to observe and document activities within a specified area for security, safety, or monitoring objectives. Its primary aim is to bolster security, safety, and situational awareness by capturing visual data in real-time or archiving it for subsequent examination.
The key components in video surveillance encompass hardware, software, and services. Hardware, pertaining to the tangible elements within a computer system or any electronic device, plays a pivotal role in video surveillance by capturing, processing, and storing video footage for monitoring, analysis, and security purposes. These systems are categorized into types such as analog video surveillance systems, internet protocol (IP) video surveillance systems, and hybrid video surveillance systems utilized in small-scale enterprises, medium-scale enterprises, and large-scale enterprises across residential, commercial, defense, and infrastructure applications.
The video surveillance research report is one of a series of new reports from The Business Research Company that provides video surveillance market statistics, including the video surveillance industry's global market size, regional shares, competitors with an video surveillance market share, detailed video surveillance market segments, market trends and opportunities, and any further data you may need to thrive in the video surveillance industry. This video surveillance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The video surveillance market size has grown rapidly in recent years. It will grow from $60.51 billion in 2023 to $69.24 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The expansion observed during the historical period can be attributed to heightened emphasis on security, integration with IT networks, incorporation of mobile and wireless technologies, utilization of big data and analytics, and the emergence of cloud-based storage solutions.
The video surveillance market size is expected to see rapid growth in the next few years. It will grow to $110.09 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The anticipated growth in the forecast period can be ascribed to the rise of cloud-based storage solutions, the widespread adoption of 5G technology, the escalating utilization of edge computing, the integration of artificial intelligence (AI) and machine learning (ML), the heightened focus on cybersecurity, and the integration with IoT devices. Key trends expected in the forecast period encompass edge computing for real-time analysis, integration of artificial intelligence (AI) and machine learning (ML), expanded use of thermal imaging, cloud-based video storage and management, and the integration of augmented reality (AR).
The anticipated rise in smart city initiatives is forecasted to drive the growth of the video surveillance market in the future. A smart city utilizes digital technology and data-driven solutions to enhance its functionality and well-being while reducing costs and resource consumption. The increasing development of smart cities is fueled by the desire of cities to utilize technology in addressing urban challenges and creating more livable, sustainable, and efficient urban environments. Video surveillance plays a critical role in smart cities by improving public safety through real-time monitoring and data analysis, facilitating quicker responses to incidents, and promoting overall urban security and management. For example, in April 2023, according to the Smart City Index Report released by IMD Business School, the number of smart cities rose by 16.3%, from 118 cities in 2021 to 141 in 2023. Hence, the expansion of smart city projects is propelling the growth of the video surveillance market.
Key players in the video surveillance market are intensifying their efforts to develop advanced products such as smart home security cameras to enhance their competitive position. These advanced surveillance devices, tailored for residential use, connect to home networks, typically via Wi-Fi, enabling users to remotely monitor their properties through mobile applications. For instance, in July 2023, Koninklijke Philips N.V., a technology company based in the Netherlands, introduced its inaugural range of smart home security cameras, comprising three models, along with a new Home Safety app. These cameras feature full HD resolution, two-way communication, motion detection, night vision, and 128-bit encryption. They can be managed using the Philips Home Safety App, which offers four distinct usage modes. The cameras are primarily intended for indoor use, with options for fixed indoor security cameras and 360° indoor security cameras.
In May 2022, Motorola Solutions Inc., a US-based telecommunications equipment company, completed the acquisition of Videotec S.p.A. for an undisclosed sum. The acquisition is anticipated to bolster Motorola Solutions' existing portfolio of fixed video cameras and enhance its position as a global leader in video security solutions. Videotec S.p.A. is an Italy-based company specializing in video surveillance, providing fixed and pan-tilt-zoom (PTZ) cameras.
Major companies operating in the video surveillance market are Sony Corporation, Panasonic Corporation, Honeywell International Inc., Johnson Controls International PLC, Hikvision Digital Technology Co. Ltd., Seagate Technology PLC, Motorola Solutions Inc., Teledyne FLIR LLC, Zhejiang Dahua Technology Co. Ltd., Hanwha Techwin Co. Ltd., Axis Communications AB, Verint Systems Inc., Zhejiang Uniview Technologies Co. Ltd., Vivotek Inc., Genetec Inc., Milestone Systems A/S, Pelco Incorporated, Bosch Security Systems GmbH, March Networks Corporation, Verkada Inc., Infinova Corporation, AV Costar LLC, IndigoVision Group plc, Geutebruck GmbH, Swann Communications Pty Ltd., CP PLUS GmbH & Co. KG, Lorex Technology Inc., Salient Systems Corporation
North America was the largest region in the video surveillance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the video surveillance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the video surveillance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The video surveillance market consists of revenues earned by entities by providing services such as monitoring services, video analytics services, and data security services. The market value includes the value of related goods sold by the service provider or included within the service offering. The video surveillance market also includes sales of cameras, recording devices, network video recorders, and video encoders and decoders. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Video Surveillance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on video surveillance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for video surveillance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The video surveillance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.